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Report Date : |
20.01.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL FOODSTUFF CO (IFFCO) |
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Formerly Known As : |
IFFCO LIMITED |
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Registered Office : |
Industrial Area No. 1, PO Box 29220 & 4115, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
08.05.1976 |
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Com. Reg. No.: |
2826 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operators of grain flour mill. |
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No. of Employees : |
275 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source : CIA |
Company Name : INTERNATIONAL FOODSTUFF CO (IFFCO)
Also Known As :
IFFCO
LIMITED
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
8th May 1976
Commercial Registration Number :
2826, Sharjah
Trade Licence Number :
12445
Chamber Membership Number :
2343
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
275
Activities :
Operators of grain flour mill.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
INTERNATIONAL FOODSTUFF CO (IFFCO)
IFFCO LIMITED
Registered &
Physical Address
Location : Industrial
Area No. 1
PO Box : 29220 &
4115
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5334969
/ 5029000 / 5322222 / 5029163
Facsimile : (971-6) 5029190
/ 5334969 / 5333180 / 5029017
Mobile : (971-50)
6337402
Email : info@iffco.com
/ iffcoffd@iffco.com
/ athakkar@iffco.com
Premises
Subject operates from a large suite of offices and a mill that are owned
and located in the Industrial Area of Sharjah.
Name Nationality Position
Allana Shiraz Abdul Razaq Indian Managing Director
Ali Nasser Al Faradan Emirati Director
Subail Mohit - Sales
Manager
Mansour Verawala - Finance
Manager
Saqib Elaskar - Marketing
Manager
Samran Roy - Commercial
Manager
J V Prasad - Regional
Manager
Amit Thakkar - Purchasing
Manager
Date of Establishment : 8th
May 1976
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 2826, Sharjah
Trade Licence No. : 12445 (Expires
08/05/2013)
Chamber Member No. : 2343
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Ali Nasser Al Faradan 51%
Allana Shiraz Abdul Razaq 49%
Subject is a member of the IFFCO group of companies that consists of the
following concerns:
International Packaging Co LLC
New Industrial Area
PO Box: 2990
Ajman
United Arab Emirates
Tel: (971-6) 7436814
Fax: (971-6) 7435503
Email: ipc@iffco.com
IFFCO International Foodstuff Co LLC
Shop No. 134, Hamriya Vegetable and Fruit Market
Al Khaleej Street
Corniche, Deira
PO Box: 2595
Dubai
United Arab Emirates
Tel: (971-4) 3202777 / 3330555
Fax: (971-4) 3202682
Emirates Industrial & Trading Co Ltd (EITCO)
Sharjah Port
PO Box: 4115 / 6906
Sharjah
United Arab Emirates
Tel: (971-6) 5334696
Fax: (971-6) 5333180
Emirates Refining Co Ltd (ERCO)
PO Box: 4115
Sharjah
United Arab Emirates
Tel: (971-6) 5357966
Intergulf Services Ltd
PO Box: 6131
Sharjah
United Arab Emirates
Tel: (971-6) 281391
Allana International Ltd
Jebel Ali Free Zone
PO Box: 16787
Dubai
United Arab Emirates
Tel: (971-4) 816120
Delmon Products Ltd
Jebel Ali Free Zone
PO Box: 16787
Dubai
United Arab Emirates
Tel: (971-4) 816504
Seville Products Ltd (LLC)
Al Ramool Industrial Area
PO Box: 10596
Dubai
United Arab Emirates
Tel: (971-4) 850066
Fax: (971-4) 850066 / 855724
Al Ain National Juice & Refreshment Co
PO Box: 15937
Al Ain
United Arab Emirates
Tel: (971-3) 7216555
Fax: (971-3) 7215208
Gateway Chemicals LLC
PO Box: 10596
Dubai
United Arab Emirates
Tel: (971-4) 3386116
Fax: (971-4) 3384416
IFFCO Egypt SAE
Street 262, Villa 10B
New Maadi
Cairo
Egypt
Tel: (20-2) 27545841 / 27545842 / 27545843 / 27545847
Fax: (20-2) 25164554
Civil Product Ltd
Dubai
United Arab Emirates
Tel: (971-4) 2850066
Unipex Dairy Products Co Ltd
Sharjah Industrial Area No. 2
PO Box: 5646 & 77
Sharjah
Tel: (971-6) 5337864 / 5326339 / 5321146 / 5337434
Fax: (971-6) 5336312
Email: unipex@emirates.net.ae
Tiffany Foods Ltd
Al Liya Area, Sharjah Seaport
PO Box: 6597 & 4115
Sharjah
Tel: (971-6) 5285195
Fax: (971-6) 5080504 / 5324100
Email: tiffany@emirates.net.ae
Dubai Meat Packers Ltd
PO Box: 16930
Dubai
Tel: (971-4) 8815345
Fax: (971-4) 8815330
Activities: Engaged as operators of
grain flour mill which produces a complete range of wheat flours, semolina and
animal feed grade products, as well as a range of bakery pre-mixes and
ingredients. Major product groups include bread mixes/improvers, cake/muffin
mixes, speciality flours and instant custard. Under a manufacturing agreement
with General Mills, USA, IFFCO produces the world famous Betty Crocker range.
IFFCO produces a comprehensive range of pasta products and instant noodles as
well as ice creams and frozen desserts.
Import Countries: Europe
and the United States of America
Brand Names: BETTY
CROCKER, AL BAKER, SWARNA and HAYAT
Subject has a workforce of approximately 275 employees.
Companies registered in Sharjah, United Arab Emirates are not legally
required to make their accounts public and no financial information was released
by the company or submitted by outside sources.
ABN Amro Bank
Al Zayani Building
PO Box: 1971
Sharjah
Tel: (971-6) 5355021
HSBC Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
Bank of Baroda
Mina Road
Al Maraijah
PO Box: 1671
Sharjah
Tel: (971-6) 5354231
Fax: (971-6) 5543025
No complaints regarding subject’s payments have been reported.
Date of transaction November
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
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|
1 |
Rs.86.24 |
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Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.